TRUE/FALSE Questions about economic systems?

Question

All questions are true or false
1.In a command economy the needs of the entire country can be considered
2.A market economy must include a building where goods are bought and sold
3.The action of a market is producing goods
4.In a market economy people work for wages and buy goods and services with money
5.In a market economy producers are told by the government what they must produce
6.In a market economy the needs of all citizens are met
7.In a market economy people are free to choose what work they do
8.Socialism is a economic system in which some industries such as transportation and utilities are publicly owned

Anonymous · Accepted Answer

1.  True:  Things are in theory produced for the good of the whole of the nation (or society, worker ect)
2. True:  Thats what drives capitalism and the free market (the law of supply and demand)
3. False: (needs to be producers and buyers for a market to work)
4. True:  In a market economy money needs to be earned by working, so goods can be produced and then sold.
5. False:  A market economy means that there is little government control and companies can produce what they want.
6.  False:  Market economies don't meet the needs of all citizens you need to earn money on your own merit to survive.
7.  True:  They can choose where to work, and how far to advance with that work
8. True:  Government and worker co-ops own most industry.


Hope this helps!

Anonymous · Answer

42... that should accurately answer all of the questions.

TRUE/FALSE Questions about economic systems?

2 Answers